Mumbai, April 20 -- The agency has reaffirmed its 'CRISIL A1+' rating on the company's commercial paper programme and short-term bank loans.

CRISIL stated that the rating upgrade reflects the improving business risk profile of the company with sustained improvement in operating profitability across the power generation and distribution business during fiscal 2024.

The company has sustained its healthy financial risk profile, with consolidated net leverage (ratio of net debt to adjusted earnings before interest, tax, depreciation and amortisation [EBITDA]) estimated below 4 times as on 31 March 2024, and expected to remain so over the medium term.

The increase in operating profitability of Tata Power since fiscal 2023 is mainly on accou...